The global market for 2K protective coatings is forecast to register a 5% value CAGR from 2022 to 2032, expected to reach a valuation of US$ 14.66 Billion, according to a recently recalibrated study published by Fact.MR. As of 2022, the industry is poised to document a market value of US$ 9 Billion. Demand is likely to accelerate on the back of extensive applications in the civil and commercial construction industry.
From 2016 to 2021, sales of 2K protective coatings surged at a 4% value CAGR, with the market concluding at US$ 8.73 Billion. 2K protective coatings play an important role towards enhancing the life of buildings, swimming pools, marine projects and roads by protecting them from rust, acid rain, growth of algae & fungi and adverse climatic conditions.
Demand for epoxy resins has especially increased, due to its various benefits including enhancement of durability of coating as compared to other coatings. Besides, epoxy resins are more effective in protecting surfaces from humidity, acid, alkali and seawater. Epoxy resin is mostly used for marine projects to protect them from any unwanted damages.
Key Takeaways from the Market Study
- By resin type, epoxy 2K protective coatings sales to document a 5.4% value CAGR
- Alkyd resins market demand is likely to emerge significant, registering a 5.9% CAGR
- By end user, building & infrastructure construction to yield nearly 45% revenue
- North America to yield an absolute dollar opportunity worth US$ 1.3 Billion until 2032
- Asia Pacific to be the largest revenue contributor, accounting for 1/3rd of the global market share
- Global 2K protective coatings market to flourish 1.6x from 2022 to 2032
“As the demand for incorporating construction material which is immune to adverse abiotic environmental factors increases, deployment of 2K protective coatings is rising immensely, providing major growth opportunities for manufacturers,” remarks an analyst at Fact.MR
Competitive Landscape
Majority of the companies discussed in the report have focusing on investing to expand their business and launch of new product line in 2K protective coating market and continuously doing research and development. Some of the key development are:
- In 2021, AkzoNobel announced its partnership with Qlayers. Collaboration with Qlayer will open new possibilities in industrial coating product line for AkzoNobel.
- In 2021, Akzo Nobel N.V. acquired 100% shares of Industrias Titan S.A.U. (Titan Paints) to expand its paints business and it will help Akzo Novel to expand its business to Spain.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global 2K protective coatings market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of resin type (epoxy, polyurethane, alkyd, acrylic and others), end user (oil & gas exploration, petrochemicals, marine, cargo containers, power generation, water treatment, building and infrastructure, food and beverage production units and others) and application (abrasion resistance, chemical resistance, fire protection, heat resistance, corrosion protection, pipe coatings and tank linings) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Chemical and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemical and material team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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